New Homes Construction ‘Delayed By Self Isolation’
Most people appreciate the importance of self-isolating if they test positive for Coronavirus or have been in close contact with someone who has, but the residential construction sector is being impacted by a large number of sub-contractors having to stay at home.
Redrow Homes has highlighted the issue in its latest half-yearly report, which gives an otherwise upbeat assessment of the firm’s fortunes featuring a 20 per cent rise in completions and 11 per cent increase in profits since the first half of 2020.
However, group chief executive Matthew Pratt noted, progress has not been easy. He said: “Operating within a further national lockdown continues to present challenges. There has been some impact on build as an increasing number of subcontractor colleagues are unable to work whilst self isolating.”
Although Mr Pratt predicted this situation would ease to an extent as infection rates decline, this issue may hold back the recovery of the home construction sector, reducing the options for those considering buying a new home instead of extending an existing one.
People living in the west of Scotland who are weighing up their options may want to speak to house architects in Glasgow to see what possibilities are available and may be happy with the possibilities this offers them.
Economic downturns are often a popular time for people looking to extend their homes.
Usually this is because a recession impacts on the housing market and provides a specific economic reason for construction firms to build fewer homes in anticipation of reduced sales. This cuts back the choice available for potential buyers as well as making it harder to sell an existing home.
While the causes are different this time, the effects on the market are similar.
The Markit / CIPS UK Construction Purchasing Managers Index for January also highlighted the problems lockdown had brought in maintaining the supply of new housing. It noted that while the rate of residential construction still rose last month, it slowed down to its weakest rate since June 2020.